Global Vascular Grafts Market
Number of pages: 100 | Report Format: PDF | Published date: February 13, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 3.8 billion |
|
Revenue Forecast in 2030 |
US$ 7 billion |
|
CAGR |
6.9% |
|
Base Year For Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product, Application, Material, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global vascular grafts market was valued at US$ 3.8 billion in 2021 and is expected to register a revenue CAGR of 6.9% to reach US$ 7 billion by 2030.
Vascular Grafts Market Fundamentals
Vascular grafting, also known as vascular bypass, is a procedure in which the blood flow is redirected from one part of the body to another via reconnecting the blood vessels. Vascular grafts are medical devices used in the surgery of vascular diseases, such as peripheral artery disease, atherosclerosis, pulmonary embolism, cerebrovascular disease, arteriovenous malformation, and varicose veins.
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Vascular Grafts Market Dynamics
The increasing prevalence of vascular disease, a growing number of kidney failure cases, and the rising geriatric population, which is more prone to vascular diseases, collectively drive the global vascular grafts market revenue growth. The increased expenditures by major market players in research and development to enhance the equipment features while concurrently launching new products in the market are providing an additional push.
However, being a costly treatment procedure, affordability becomes a problem, and inadequate reimbursement policies are the primary restraints for the market and can hamper the market revenue growth. Additionally, sometimes these grafts fail or malfunction, which can be lethal to patients and affect market revenue growth.
Vascular Grafts Market Ecosystem
The global vascular grafts market has been analyzed from four perspectives: product, application, material, and region.
Vascular Grafts Market by Product
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Based on product, the global vascular grafts market is segmented into hemodialysis access grafts, endovascular stent grafts, aneurysm repair stent grafts, peripheral vascular grafts, and coronary artery bypass grafts.
The endovascular stent grafts segment dominates the market with the largest revenue share. The large share of the market can be attributed to vascular grafts used as minimally invasive surgical procedures that result in reduced recovery time and is less painful compared to other surgeries, which eventually leads to the widespread usage of these stents in treating vascular disease.
Vascular Grafts Market by Application
Based on application, the global vascular grafts market is segmented into kidney failure, vascular occlusion, and coronary artery diseases.
The kidney failure segment dominates the market with a large revenue share due to rising cases of kidney failure patients. The unhealthy lifestyles, the consumption of alcohol, and the increase in the geriatric population, which is more prone to kidney-related problems, are reasons for increased cases of kidney failure. Kidney transplants and vascular grafts are some of the treatment solutions for kidney failure. For instance, according to a report by the Centers for disease control and Prevention (CDC), 1 in 7 people suffered from chronic kidney disease in the U.S. in 2021. While it is more common in older adults above 65 years, women are more at high risk than males.
Vascular Grafts Market by Material
Based on end-user, the global vascular grafts market is segmented into polyester vascular grafts, polytetrafluoroethylene vascular grafts, polyurethane vascular grafts, and biosynthetic vascular grafts.
The polytetrafluoroethylene vascular grafts segment dominates the market with a large revenue share due to ease in implanting, high-pressure tolerance, and compatibility of this material with tissues. Polytetrafluoroethylene vascular grafts are hydrophobic materials made up of carbon and fluorine. A rise in vascular disease prevalence is expected to lead to the revenue growth of the vascular grafts market.
Vascular Grafts Market by Region
Based on region, the global vascular grafts market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global vascular grafts market due to a significant rise in the number of patients suffering from vascular disorders and the presence of superior healthcare facilities in the region. Along with this, easy availability of reimbursement policies and continuous advancements in technology propel the market revenue growth in the region. New product releases and approvals are expected to drive the market to new heights. On top of this, the rise in cardiovascular disease is one of the major reasons behind the market revenue growth. For instance, according to the CDC report, heart disease is one of the leading causes of death in men and women. Every 34 seconds, one person dies due to cardiovascular disease.
The Asia Pacific vascular grafts market is expected to grow rapidly in the next few years due to the increasing number of patients with cardiovascular diseases, rising geriatric population, and growing awareness about minimally invasive surgical procedures. The market is also driven by factors such as technological advancements in vascular grafts and the increasing demand for endovascular surgical procedures. Countries such as Japan, China, and India are expected to be major contributors to the revenue growth of the Asia Pacific vascular grafts market. In Japan, the high incidence of cardiovascular diseases and the government's initiatives to promote the usage of advanced medical technologies are expected to drive market revenue growth. In China, the increasing availability of healthcare facilities and the rising disposable income of the population are expected to fuel the revenue growth of the market. In India, the growing medical tourism industry and the increasing investment in the healthcare sector are expected to drive market revenue growth.
Global Vascular Grafts Market Competitive Landscape
The key players operating in the global vascular grafts market are:
Global Vascular Grafts Market Strategic Developments
The global vascular grafts market was expected to reach US$ 7 billion by 2030.
The increasing prevalence of kidney and cardiovascular diseases (CVD), the growing geriatric population, and the rising demand for minimally invasive procedures are driving the global vascular grafts market revenue growth.
W. L. Gore & Associates, Inc., LeMaitre Vascular Inc., Abbott Laboratories, Medtronic plc, and B. Braun Medical Inc. are among the top market players.
Geographically, North America has the largest market revenue share, followed by Europe; and Asia Pacific is the fastest-growing region for the vascular grafts market.
Possibilities of failure or malfunction, expensiveness of treatment procedures, and difficult reimbursement policies are some restraining factors of the global vascular grafts market.
*Insights on financial performance are subject to availability of information in the public domain